Egdon Resources - Wressle planning appeal rejected
The Planning Inspectorate has rejected the appeals by Egdon against the two refusals by North Lincolnshire County Council’s planning committee for the Wressle oil development. The Planning Inspectorate did uphold Egdon’s appeal against the decision to refuse the application to retain planning for the well site, which will be retained until 28 April 2018. This is clearly disappointing news for the company. In our last published valuation for Egdon, we had assumed a production and positive cash flow contribution from Wressle in late 2018, with the asset making up 1.5p/share of our 21.5p/share conventional NAV or 7.0%. Our forecasts and valuation are under review.Egdon Resources is an onshore U.K. focused oil and gas exploration and production business. As of Jul 31 2017, Co. had net proven plus probable oil reserves of 0.6 million barrels and net proven plus probable gas reserves of 1.18 billion cubic feet.
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